MARKET SNAPSHOT: Dow Set To Cool Its Heels After Another Record Close

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

Snap, LendingClub, Fossil set for big down days after earnings

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U.S. stock futures on Wednesday pointed to little change at the open, putting the Dow Jones Industrial Average on track for a pause after it edged up to another record close.

Investors are tracking another dose of earnings reports, as well as lawmakers' efforts to pass tax reform and President Donald Trump's trip to Asia amid tensions with North Korea.

What are the main benchmarks doing?

Dow Jones Industrial Average futures inched down by 2 points, or less than 0.1%, to 23,486, while S&P 500 futures gave up 0.80 point at 2,586.00 Nasdaq-100 futures tacked on 3 points to 6,319.00.

On Tuesday, the Dow edged up to a fresh all-time closing high (http://www.marketwatch.com/story/us-stocks-regroup-for-another-bid-on-all-time-highs-2017-11-07), while the S&P and Nasdaq Composite pulled back from record closes, with some analysts blaming the declines on worries about tax legislation working its way through Congress.

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The three gauges are up between 16% and 26% for the year as of Tuesday's close, helped by factors such as an expanding U.S. economy, growing corporate profits and bets that the Trump administration will deliver tax cuts and other business-friendly measures.

What are strategists saying?

"On a week light on tier-one economic data, the focus is on how tax reform is progressing," said Richard Perry, a Hantec Markets analyst, in a note.

"However, in negotiations to try and sweeten the bill, there are suggestions that there could be somewhat of a climb-down as the Republicans could delay the cuts to corporation tax by twelve months."

There are no top-tier U.S. economic releases or Federal Reserve speeches expected on Wednesday.

Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

Which stocks look like key movers?

Shares in Snapchat parent Snap Inc.(SNAP) dived 19% in premarket trade after the company posted disappointing quarterly results late Tuesday (http://www.marketwatch.com/story/snap-shares-fall-as-much-as-21-after-third-quarter-revenue-miss-2017-11-07) and discussed a redesign for its messaging app (http://www.marketwatch.com/story/snap-will-redesign-snapchat-to-make-it-easier-for-non-millennials-to-understand-2017-11-07).

Shares in peer-to-peer lending company (http://www.marketwatch.com/story/lendingclub-shares-down-15-after-quarterly-revenue-miss-2017-11-07)LendingClub Corp.(LC) and accessories seller (http://www.marketwatch.com/story/fossil-shares-fall-20-on-weak-outlook-2017-11-07)Fossil Group Inc.(FOSL) tumbled by 19% and 11%, respectively, in premarket action after each company gave a disappointing outlook while reporting earnings late Tuesday.

Take-Two Interactive Software Inc.(TTWO) climbed 10% premarket after the producer of video games boosted its outlook while reporting results late Tuesday (http://www.marketwatch.com/story/take-two-jumps-to-record-price-levels-despite-earnings-swinging-to-a-loss-2017-11-07).

Shares in health insurer Humana Inc.(HUM) , Regeneron Pharmaceuticals Inc.(REGN) , burger chain Wendy's Co.(WEN) and MGM Resorts International(MGM) could see active trading as they are among the companies expected to post earnings before the open.

What are other assets doing?

European stocks traded mostly lower (http://www.marketwatch.com/story/european-shares-face-2nd-straight-loss-as-banks-fall-2017-11-08), while Asian markets (http://www.marketwatch.com/story/hong-kong-edges-ahead-as-asian-markets-largely-pull-back-2017-11-07) largely closed with losses. Gold futures gained, oil futures traded flat to slightly lower, and the ICE U.S. Dollar Index edged down.

(END) Dow Jones Newswires

November 08, 2017 06:05 ET (11:05 GMT)